Tuesday, June 2, 2009

We can hope the HST will die

McGuinty Sticking With The Harmonized Sales Tax

Tuesday June 2, 2009  CityNews.ca Staff

It's the latest attempt by the provincial government to avoid a massive plunge into debt - and you're not happy about it.

The Harmonized Sales Tax (HST) combines the old GST (Goods and Services Tax) and PST (Provincial Sales Tax) into one 13 per cent entity. That means that goods that were previously exempt from PST will now be taxed.

The budget was on track until the money recently doled out to failing automakers like General Motors and Chrysler plunged the province even deeper into debt.

Despite that, Premier Dalton McGuinity said he's sticking with the controversial plan.

Read the balance of the article.

David Pylyp; This will only slow the already Rocky Canadian Real estate market.

If you are planning a purchase for later this year best you get going and hope for a summer slowdown.  Given the numbers that have been bantered about by the Toronto Real Estate board April and May have been as hot as 2008. Mortgage approvals exceeded last years figures according to my TD bank rep.

Where is that great depression that terrorized us 90 days ago?

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